Atec are pleased to announce the sale of the business and assets of AT Engine Controls (Atec Engineering Solutions) to a management buyout.
Atec Engineering Solutions employs 43 staff at its site in Worsley, where it designs, manufactures, and maintains complex control and monitoring equipment for the defence land, sea and air sector in addition to the industrial oil, gas and nuclear markets.
Atec will continue to be led by the existing senior management team and will be headed by John Bowden who was previously the Technical Director for Atec and who now becomes the Managing Director.
John will be supported by Andrea Hough who will remain in the Business as Chairman, as well as retaining a minority stake in the business.
This management buyout has been completed without any external debt or equity funding and will allow the firm to pursue its plan to expand its capabilities within existing and new customers as well as exploring new market sectors.
The whole of the ATEC workforce have been retained and the business will continue to operate from the existing Wardley premises.
ATEC are committed to continue building on the long-term relationship they have previously enjoyed with our customers and suppliers and will continue to trade on the same terms as before.
As part of the Sale, the material contracts of the ATEC business with customers and suppliers have been retained with AT Engine Controls.
When asked about the MBO, Andrea said:
"This exciting announcement will allow Atec to grasp the huge opportunities in developing industries such as nuclear power."
"Atec has been a huge part of my life since joining the company as an apprentice when I left school but in John and the rest of the management team, the company has a fantastic new management team who are well placed drive it forward."
"Having the opportunity to lead a business with the heritage of Atec is an honour and I look forward to the journey ahead with the support of a great team”.
"This is an exciting time for Atec, and I am sure we will achieve the success that the business deserves."